Cyber fraud rises 534% as Nigerian banks lose N3.5bn

Nigerian banks lost N3.5 billion between July and September 2020 to fraud-related incidences, representing a 534-percent increase from the same period in 2019, when it was N552 million. The Nigeria Inter-Bank Settlement System (NIBSS) in its latest Industry Fraud Report found that the highest number of fraudulent cases (35.5% of the total) were committed on…